Italy's market resulator rules Greenvision shareholders must file takeover bid

Dec 12, 2011 - Italy's market regulator Consob ruled that three of Greenvision Ambiente's (BIT:VIS) shareholders were acting in concert when they exceeded a 30% combined stake and imposed the companies to file a takeover bid on the Italian renewables firm by December 29, 2011.
Under Italian civil law, a shareholder with over 30% in a listed company is obliged to proceed with a takeover bid unless explicitly exempted by the market regulator from it.
Consob said that Ladurner Finance, Iniziativa Gestione Investimenti (IGI) and La Finanziaria Trentina were acting in concert when they exceed their combined interest on June 7, 2010 and ruled the companies must bid for all remaining Greenvision shares at EUR 6.61 apiece.
(EUR 1 = USD 1.326)

Choose your newsletter by Renewables Now. Join for free!